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Author Topic: What do you think is holding bitcoin back?  (Read 139 times)
squatz1
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February 12, 2018, 05:16:24 PM
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 #1

I've always thought that a good question to ask the community that loves Bitcoin (and all things crypto) would be that what do they think are the faults in Bitcoin. What do you see holding bitcoin back from thriving, what do you see as the core problems facing it.

I think that'll be good and educational for all that are involved.




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February 12, 2018, 05:26:25 PM
 #2

I'll go out on a limb and say the biggest obstacle to bitcoin mass adoption is the media which unfairly portrays crypto currencies with an unjustified negative slant. There's not much accurate or objective analysis of bitcoin in the mainstream media. The only things people hear are that its used by criminals and bad as its money created out of thin air, lacking intrinsic value.

I think if bitcoin had been introduced 10 years earlier, when journalistic integrity was at a higher level than it is now, we would see a more open minded public willing to consider the alternate point of view crypto currencies provide in terms of economic and financial analysis. Also we might see a better informed public, in a better position to understand the issues surrounding crypto without being as heavily subjected to agenda based rhetoric.

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February 12, 2018, 05:40:14 PM
 #3

According to me, Bitcoin has many flaws. Some major flaws will be Bitcoin cannot beat the physical paper note till now, let's accept the fact physical currency does not take any time to transact from one user to another does not charge any fees during the process. But on the other hand Bitcoin which is much more secure does take some amount of transaction fees and user have to wait sometimes enough to get confirmation. Bitcoins price is volatile so many people have put their lives at risk in this Bitcoin gambling game. I think if you use Bitcoin to educate yourself from anywhere then Bitcoin is much more profitable than anything else if you use Bitcoin only for profit then it is sure that you are going to get some kind of loss.
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February 12, 2018, 05:45:26 PM
 #4

At the moment it is the action of governments banning use of exchanges or buying bitcoin and banks stopping users using credit cards to buy bitcoin.
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February 12, 2018, 05:48:20 PM
 #5

I've always thought that a good question to ask the community that loves Bitcoin (and all things crypto) would be that what do they think are the faults in Bitcoin. What do you see holding bitcoin back from thriving, what do you see as the core problems facing it.

I think that'll be good and educational for all that are involved.

Actual core problem of finding the dump is because of fake negative news shared on the various new sites in the world. That should be washed out from here in anywhere in the forum. If you find the people keep trolling about the crypto currencies. Please report them to moderator to trash the thread out of the forum. We need a healthy forum  which have complete positive move from the investors.
Holding bitcoins will be always good as a investment.
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February 12, 2018, 06:03:41 PM
 #6

I feel that it is the fuds that is holding Bitcoin from growing. It really discourage the new users from entering crypto and scared some weak hands to give up.

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February 12, 2018, 06:08:16 PM
 #7

Blocksize and the associated high fees.

rudox
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February 12, 2018, 06:12:52 PM
 #8

The various government and banks and their owners are the one using journalist to hold back the worldwide acceptance of Bitcoin. The government is not comfortable with the decentralized nature of bitcoin because Bitcoin is not in their control.
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February 12, 2018, 06:29:21 PM
 #9

Most of the people are still afraid to buy. You have to realize that the reason we hit $20K towards the end of last year was due to people who hadn't heard of bitcoin before the rise, and started buying at $15K levels and above. Assuming these people haven't hodl'd and have already cut their losses and left the scene, they would be very reluctant to buy once again.

In order to win them over once again, the price has to display some stability and start improving slowly.

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February 12, 2018, 09:04:57 PM
 #10

The higher the rate of decline that occurs, the higher the rate of increase. I judged, from the growing level of awareness among bitcoin users after a recent minor accident.
And the available supply of bitcoin is now dwindling in number, so this situation has an effect of increasing the bitcoin price for this year.

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February 12, 2018, 09:15:33 PM
 #11

Speculation same as always, constant fud in the recent month + whales purposely wanting to buy the dips. The biggest problem occures that the new players who are huge amount %wise  (the market wasn`t that huge previous years) are not used to such corrections and paniiiiiiiiic...

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February 12, 2018, 09:29:16 PM
 #12

Bitcoins greatest problem at the moment is the speed at which the transactions take. It was  initially designed to be an instant peer to peer cash system. Now, it is not instant and in some cases can take days for micropayments. The argument that it is digital gold is a stretch. At least there is a limited supply.
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February 12, 2018, 09:33:23 PM
 #13

Personally, I prefer to keep bitcoins and other altcoins until they add to their price at least 100%. Only then I sell them, but it's not accurate.

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February 12, 2018, 09:39:12 PM
 #14

The transaction fees needed to buy, sell or transfer bitcoin is getting higher. New entrants are already disadvantaged especially when it comes to getting in on ICO's.
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February 12, 2018, 09:52:33 PM
 #15

I've always thought that a good question to ask the community that loves Bitcoin (and all things crypto) would be that what do they think are the faults in Bitcoin. What do you see holding bitcoin back from thriving, what do you see as the core problems facing it.

I think that'll be good and educational for all that are involved.

Here's a few that I can think of;

1. Government continues its crackdown on bitcoin or crypto
2. Bankers doing their own thing. Attacks here and there. Just like what Bank of America
3. Media spinning everything to put crypto in the bad light.
4. Paid schills creating panic among investors using social media.
5. High cost of tx and slow confirmation, (although it's been reduced at the moment)
6. ICO's pulling a Scam stunt.
7. Whales manipulating from behind.

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February 12, 2018, 09:57:48 PM
 #16

I think it would be a great turnaround, but I would advise investing in everyone else that it would have been much better if it had already been done, but I would advise everyone to invest because I think it will continue to grow.
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February 12, 2018, 10:06:16 PM
 #17

Personally, I prefer to keep bitcoins and other altcoins until they add to their price at least 100%. Only then I sell them, but it's not accurate.
Bitcoin will continue to grow strongly over the next few years so keeping bitcoin for long term investment in the cryptocurrency market is great. I always buy bitcoin at times when it is low and I see it as a savings.

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February 12, 2018, 10:08:35 PM
 #18

I've always thought that a good question to ask the community that loves Bitcoin (and all things crypto) would be that what do they think are the faults in Bitcoin. What do you see holding bitcoin back from thriving, what do you see as the core problems facing it.

I think that'll be good and educational for all that are involved.

That's a good question and it's a much better approach to try to understand the project, than to focus on the bitcoin price. To start I would like to say that I don't really think anything is holding bitcoin back. I actually think it's having an healthy development, made by dedicated and competent devs. The problem is that development takes time, and since bitcoin is already mainstream in terms of awareness, and most people don't do any research and actually think that bitcoin is a final product, it causes a lot of problems that the media likes to explore.

In order for bitcoin to get mainstream adoption, it needs a lot of things like:

- Good regulation, in order to bring trust to the investors. They can't be afraid that the governments will suddenly go after exchanges and ban BTC trading (either pure trading, or actually the use of BTC as a payment method).

- Needs the lightning network to be ready to use, so it that BTC can compete with Visa and Paypal for micro payments, and be actually used as a currency or a payment method.

- Needs to be easy to use. I know some people that don't use credit cards, because they think they are to complicated. Bitcoin needs to be at least as easy to use as a credti/debit card.

- Needs to be easy to get (both for retail and institutional invetors), or in the future, easy to get so that people can make payments with it. Not everyone knows how to use an exchange. It must be as easy to use a paypal at least.

- Needs to have less volatility so that people don't feel a lot of pressure because they hold bitcoin. This is ok for a pure investment asset (a risky one), but is not ok if we want people to hold their economies in bitcoin, or if we want them to use it to purchase normal goods.

- Needs a well informed community, that don't focus on bitcoin price, and only see it as a speculation tool for profit.

As these things get solved, bitcoin will grow stronger and fulfill it's potencial to work as a decentralized global currency.

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February 12, 2018, 10:09:25 PM
 #19

I think it would be a great turnaround, but I would advise investing in everyone else that it would have been much better if it had already been done, but I would advise everyone to invest because I think it will continue to grow.

Did you read the OP's questions before pulling that shit? He clearly asking what is the reason why bitcoin is holding back at the moment.



I've always thought that a good question to ask the community that loves Bitcoin (and all things crypto) would be that what do they think are the faults in Bitcoin. What do you see holding bitcoin back from thriving, what do you see as the core problems facing it.

I think that'll be good and educational for all that are involved.

For me what's holding bitcoin back is that the trust on the ecosystem has somewhat diminished. One factor that really affected is the government stance on crypto. Investors suddenly is reluctant to pour their cash because they know at any moment, their government can ban or tax their crypto. If they are living in a country where their is a ban, I'm sure that they will stop investing on it simply because they know that sooner or later their government will find out and strict penalties maybe given to them.




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zarados
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February 12, 2018, 10:16:38 PM
Last edit: February 15, 2018, 01:36:26 PM by zarados
 #20

which is still a problem is about the transaction costs are still very high and not profitable for people who want to transact in small quantities, and the speed of confirmation is still very minimal with dense transactions every day and do not forget, the rules set by some government that does not support bitcoin technology.
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